Exeter Presentation January 2017
-
Upload
exeter-resource-corporation -
Category
Presentations & Public Speaking
-
view
164 -
download
0
Transcript of Exeter Presentation January 2017
![Page 1: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/1.jpg)
ONEOFTHEWORLD’SSIGNIFICANTGOLDOXIDE/GOLD-COPPERPROJECTS
TSX:XRCNYSEMKT:XRA
www.exeterresource.com
Caspiche
![Page 2: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/2.jpg)
Cau$onary Note to U.S. Investors – The United States Securi$es and Exchange Commission (“SEC”) permits miningcompanies in theirfilingswith theSEC todiscloseonly thosemineraldeposits thata companycaneconomicallyandlegally extract or produce. We use certain terms in this presenta$on, such as “inferred resource”, that the SECguidelinesstrictlyprohibitusfromincludinginourfilingwiththeSEC.U.S. investorsareurgedtoconsidercloselythedisclosurecontained inourannualreportonForm20.YoucanreviewandobtaincopiesofourfilingsfromtheSEC’swebsiteathNp://www.sec.gov/edgar.shtml.Thisdocumentandtheinforma$oncontainedinitdonotcons$tuteaprospectusanddonotformanypartofanofferof,orinvita$ontoapplyfor,securi$esinanyjurisdic$on.Poten$alinvestorsshouldnotrelysolelyontheinforma$oncontainedhereinpriortomakingany investmentdecision. Investorsshouldseek independentadvicefromaqualifiedfinanceandinvestmentadvisor,givingdueregardtotheirownpersonalcircumstances,priortoforminganyinvestmentdecision.SafeHarbourStatement -Thispresenta$onmaycontaincertain“forward-lookingstatements”within themeaningoftheUnitedStatesPrivateSecuri$esLi$ga$onReformActof1995.Thesestatementsreflectourcurrentbeliefandarebased upon currently available informa$on. Actual results could differ materially from those described in thispresenta$onasaresultofnumerousfactors,someofwhichareoutsideofthecontrolofExeter.Manyoftheassayresultsandtheeconomicanalysispresentedarepreliminaryandmaynotbeaccurateduetovariousfactors,includingbutnotlimitedtosamplerecoveries,truewidthsandinterpreta$ons.WendellZerb,Exeter´sPresident&CEOanda“qualifiedperson”(“QP”)withinthedefini$onofthatterminNa$onalInstrument43-101,StandardsofDisclosureforMineralProjects,hasreviewedandapprovedthetechnicalinforma$oninthispresenta$on.
Cau$onaryStatement
2!
![Page 3: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/3.jpg)
• ATrackRecordofSuccess -Threesignificantmineraldiscoveriesinthelastdecade -SpunoutExtorretoshareholdersona1-to-1basis(2010) - wastakenoverbyforC$414MorC$4.26/share(2012)
• Control100%ofCaspiche -M&IMineralResources1:Oxides1.7MozAuEq,Sulphides37.9MozAuEq -Unique:goldoxide,highergradegold/coppercore,largescalegold/copper -StableMiningJurisdic$on-Chile
• Direc$ngRe-valua$on -LowCapexstartupop$ons2,strongeconomics -Caspichesufficientlyadvancedtofasttrackdevelopmentdecisions -Fundamentallyandcompara$velyundervalued -Favorable$mingforselectgoldequi$es
• CashofC$17million.NoDebt.
WhyInvestinExeter?
3!
Thefounda$onforsuccess:TrackRecord,UniqueAsset,Cash.
1SeemineralResourcesslidefordetails:OxideM&[email protected]/tAu,1.58g/tAg;SulphideM&I1,[email protected]/tAu,0.20%Cu,1.17g/tAg.2SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.
![Page 4: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/4.jpg)
CapitalStructure
4!
CapitalStructure(asofJanuary1,2017)
CommonSharesOutstanding 88.7M
OpLons 7.2M
FullyDiluted 95.9M
Avg.DailyVolume
NYSEMKT:194kTSX:69k
Cash C$17M
Shareholders
ManagementandInsiders:10%InsLtuLons:35%Retail:55%
AnalystCoverage
TDSecuriLesMr.DanielEarledaniel.earle@tdsecuriLes.com1.416.308.7906
![Page 5: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/5.jpg)
ManagementandBoardofDirectors
5!
YaleSimpson Co-Chairman
BryceRoxburgh Co-Chairman
RobertReynolds Director
JulianBavin Director
JohnSimmons Director
President/CEO WendellZerb,P.GeolGeologist/Capital
Markets–30yrs
CFO CecilBond,CA CA–31yrs
ExploraLon MadhewWilliams–ExploraLonManager,Americas Geologist–25yrs
Development JerryPerkins–VPDevelopment&OperaLons Metallurgist–41yrs
MadhewDorman–CaspicheStudyManager Engineer–30yrs
GonzaloDamond–CommercialManager Engineer–22yrs
Corporate RobGrey–VPCorporateCommunicaLons IR–18yrs
StrongBoardofDirectors ExperiencedManagementTeam
![Page 6: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/6.jpg)
LowGeopoli$calRisk-Chile
6!
Chile:aminingfriendly,poliLcallystable,OECDnaLonTheFraserIns$tute’s2015surveyonoverallrisk(PPI*)placedChile26outof109miningjurisdic$onsand#1inSouthAmerica.(22ndoutof122miningjurisdic$onsin2014)
• World’slargestexporterofcopper.
• Consistentlyrankedasoneofthetopplacestomineintheworld&the#1placetomineinSouthAmerica.
• Clearregula$ons,transparency,well-establishedlegalsystem.
• Skilledlabourforce.
• ManylargeminespermiNed:Escondida,Andacollo,CerroCasale.
*PPIorPolicyPercep]onIndex:measurestheoverallabrac]venessoftheminingjurisdic]onssurveyed.Itincludesuncertain]essurroundingadministra]onofcurrentregula]ons,environmentalregula]ons,legalsystemsandtaxa]onregimes,infrastructure,labourandskillsavailability,andsecurityissues.Source:FraserIns]tute2015&ExeterResourceCorp.
0 10 20 30 40 50 60 70 80 90 100
Ivory Coast California
Northwest Territories Dominican Republic
Uruguay Peru
Nunavut Fiji
Ghana New South Wales
Kazakhstan France
Ethiopia Mexico
Bulgaria Turkey
Burkina Faso Victoria Eritrea
British Columbia Washington
Yukon New Mexico
Montana Colorado
Spain Tasmania
Poland Queensland
Ontario New Zealand
Namibia Minnesota
Serbia Chile
Greenland Morocco
Alaska Quebec
Northern Territory South Australia
Idaho Michigan
Nova Scotia Arizona
Newfl. & Labrad. Botswana Manitoba
Norway Utah
Portugal New Brunswick
Western Australia Alberta Nevada Finland
Saskatchewan Sweden
Wyoming Ireland
Chartincludestop60outof109jurisdic$ons.
![Page 7: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/7.jpg)
Caspiche-StrategicallyLocated
7!
PortandDesalina]onFacili]es
CardonesPowerSubsta]on
-2X500kVexpansionin2018
CandelariaMine
CopiapoAirport
Caspiche
MaricungaMine
CerroCasale
Exeter’sPeñasBlancasgroundwaterdiscovery
min400L/s
AguasChañar-Industrialwater
LundinPuntaPadrones500L/s
CATPuntaTotoralillo400L/sexpandableto600L/s
LaCoipaMine
50KmAllweatheraccessroadExis]ngpowercooridor3rdpartypipelineroutePoten]alwaterpipelineroute CaseronesMine
PaipoteCuSmelter
3rdpartygroundwaterrights
Volcan
MarteLobo
CerroMaricunga
Esperanza
TierraAmarilla
![Page 8: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/8.jpg)
Material Class Tonnes(Mt) Au(g/t) Cu(%) Ag(g/t) AuEq1(g/t) AuEq2(Moz)
Oxide Measured 65.9 0.46 - 1.55 0.46 1.0
Oxide Indicated 55.6 0.39 - 1.63 0.40 0.7
TotalOxide M&I 121.5 0.43 - 1.58 0.43 1.7
Sulphide Measured 554.2 0.58 0.23 1.16 1.02 18.3
Sulphide Indicated 727.9 0.48 0.18 1.17 0.84 19.6
TotalSulphide M&I 1,282.1 0.52 0.20 1.17 0.92 37.9
TotalM&I 1,403.6 0.51 0.19 1.20 0.88 39.6
MineralResources
8!
*TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized. 1
PAuandPCuaretheAuandCuprices(US$1,150/ozandUS$2.50/lb,respec$vely),andRAuandRCuaretheAuandCuprojectedmetallurgicalrecoveries,65%and85%,respec$velyforsulphidematerialand78%forAuoxidematerial.2 AuEq (M oz) = resource tonnes * AuEq13PAu,PAgandPCuarethegold,silverandcopperprices(1,250US$/oz,15US$/oz.and2.75US$/lb,respec$vely).RAuandRCuaretheAuandCuprojectedmetallurgicalrecoveriesbasedonanumberofS%thresholds.Foraddi$onalinforma$onseeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec$vedateApril30,2014.
Material Class Tonnes(Mt) Au(g/t) Cu(%) Ag(g/t) AuEq3(g/t)Sulphide Measured 378.6 0.71 0.30 1.30 1.28
Sulphide Indicated 431.6 0.64 0.27 1.40 1.16
TotalSulphide M&I 810.2 0.67 0.29 1.35 1.22
Theoxideandsulphidematerialswerereportedabovecut-offsof0.18g/tAuEqand0.30g/tAuEq,respec$vely:
MineralResourcesundergroundopera$oncut-offgradeof0.75g/tAuEq3:
TheApril2012MineralResourceformedthebasisforthe2014PEA
[ ] [ ] [ ] [ ][ ]
[ ][ ] [ ] [ ] [ ]
[ ][ ][ ]⎟
⎟⎠
⎞⎜⎜⎝
⎛•⎟⎟⎠
⎞⎜⎜⎝
⎛•+•⋅•⎟⎟
⎠
⎞⎜⎜⎝
⎛•⎟⎟⎠
⎞⎜⎜⎝
⎛•+=
%%
/$/$
/000,10/06857.0%%
/$/$%//
Au
Ag
Au
Ag
Au
Cu
Au
Cu
RR
ozPozP
tgAgozlbgRR
ozPlbPCutgAutgAuEq
[ ] [ ] [ ] [ ][ ]
[ ][ ] [ ] [ ] [ ]
[ ][ ][ ]⎟
⎟⎠
⎞⎜⎜⎝
⎛•⎟⎟⎠
⎞⎜⎜⎝
⎛•+•⋅•⎟⎟
⎠
⎞⎜⎜⎝
⎛•⎟⎟⎠
⎞⎜⎜⎝
⎛•+=
%%
/$/$
/000,10/06857.0%%
/$/$%//
Au
Ag
Au
Ag
Au
Cu
Au
Cu
RR
ozPozP
tgAgozlbgRR
ozPlbPCutgAutgAuEq
![Page 9: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/9.jpg)
9!
EXETERCaspiche:CrossSecLon-GoldValues
BARRICK-KINROSSCerroCasale:CrossSecLon-GoldValues
CaspicheNotJustBig–ScaleableOp$onsCaspichenearsurfacegoldoxide,cohesivehighergradegold-coppercore.
![Page 10: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/10.jpg)
CaspicheLevelPlanGoldValues
10!
1640feet(500m)
985feet(300m)
HigherGradeCore
DioritePorphyry
500m(1640feet)
300m(985feet)
HigherGradeCoreislargeinscale
DioritePorphyry
Aug/t
Aug/t
1Using1g/tAuEqcutoff,SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.
![Page 11: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/11.jpg)
Oxidegoldzone
HighergradeAu-Cuzone
LargelowergradeAu-Cuzone
1.25km
200m
DevelopmentOp$ons1forCaspiche
11!
Op$onI-StandaloneHeapLeachOxideGold-M&IResources*1.7MillionozAuEq-10YearMineLife,122,000ozAu/yr-ModestIni$alCapex-LowStripRa$o0.27:1-FavorableLeachKine$cs-Transi$onZoneExpansionPoten$al
Op$onII&III-Gold-CopperSulphides
-Focus:Central/HigherGradeCore-18to42YearMineLifeOp$ons-AnnualAuEqupto350,000oz-LOMAuEqProduc$on4.9to14.1Millionoz-ModesttoLargeScaleMiningOp$onality-ExpansionOp$ons
*RefertotheMineralResourcesslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1,300/ozAu,US$20/ozAg,andUS$3.00/lbCu.
HigherGradecore510Mtgrading
0.80g/tAu,0.33%Cuhos]ng23.5MozAuEq1
Focusingonhighmarginop$ons,u$lizingcashflowtofinancefutureCAPEX.
![Page 12: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/12.jpg)
OpLon1: OpLon2: OpLon3:
Item Unit 30,000tpdstandaloneoxide
Combined:60,000tpdoxide;27,000tpdSulphide(openpit)commencinginyear6
Combined:60,000tpdoxide;27,000tpdSulphide(underground)
commencinginyear3Minelife years 10 18 42AnnualaverageAuEq*Prod. oz 122,000 289,000 344,000LOMProduc$onAuEq ozM 1.27 4.9 14.2Pre-taxNPV@5% US$M 355 967 1,636IRR % 34.7% 27.2% 20.0%PaybackPeriod years 3.4 6.1 7.7Aker-tax27%NPV@5% US$M 252 656 1,144 IRR % 28.5% 21.1% 16.7%PaybackPeriod years 3.6 6.8 8.1CapexSummaryIniLalCapex US$M 251 371 387LOMSustainingCapex US$M 93 926 1,580TotalCapex US$M 343 1,297 1,967CapitalU$liza$onperAuEq*oz US$ 270 264 139OpexSummaryUnitTotalOpexProcessed US$/t 6.5 9.4 20.1CashCostCashCost-AuEq US$/oz 546 486 649TotalCashCost-AuEq* US$/oz 589 551 709AllinSustainingCashcostAuEq* US$/oz 676 752 828C1CashCost-CuEq* US$/lb n/a 1.31 1.77
Threeop$onsforthedevelopmentofCaspiche
12!
1.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1300/ozAu,US$20/ozAg,andUS$3.00/lbCu.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*Goldequivalent(AuEq)valueisbasedongold,silverandcopperrevenues(pricesandrecoveriesinvolved).AuEq[troyoz]=[Aug/t*RecAu*throughputtonnes]/31.1+[Agg/t*RecAg*throughputtonnes]/31.1*silverpricetroyoz/goldpricetroyoz+[[Cu%*RecCu*throughputtonnes]*2204]*copperpricelbs/goldpricetroyoz.RecoveriesareadjustedbasedonmetallurgicalcharacterisUcoftheresource.ForResourceesUmaUonsassumedpricesare$1250/ozAu,$15/ozAgand$2.75/lbforCu.CuEqformulaaccountsforAuandAgozconvertedtolbsCu.
![Page 13: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/13.jpg)
Project LaIndia Amulsar Coffee**Cerro
MaricungaElCasLllo
Eagle&(Olive)
Karma* Caspiche1
Company AgnicoEagle Lydian KaminakAtacamaPacific
Argonaut Victoria TrueGold Exeter
Loca$on Mexico Armenia Yukon Chile Mexico Yukon BurkinaFaso Chile
MarketCap(C$M) $12,716 $231 $500 $27 $336 $281 $267 $90
CashonHand(C$M) $831 $220 $33 $7 $72 $67 $6 $17
EV(C$M) $13,370 $154 $467 $20 $276 $215 $261 $73
Reserves/Resources(tonnes&Augrade)
P&P:[email protected]/t
P&P:[email protected]/t
P&P:[email protected]/t
P&P:[email protected]/t
P&P:[email protected]/t
P&P:[email protected]/t
P&P:[email protected]/t
M&I:[email protected]/t
AuEqOunces 0.76Moz 2.4Moz 2.2Moz 3.7Moz 1.2Moz 2.6Moz 0.9Moz 1.7Moz
MineLife(years) 7 10 10 13 11 10 9 10
Throughput(tpd) 16,000 27,000 92,000 80,000 35,000 33,700 11,000 30,000
AuEqProduc$on(oz/yr) 90,000 211,000 1184,00000 228,000 85,000 200,000 92,000 122,000
CAPEX(ini$al)(US$M) $158 $370 $247 $399 n/a $289 $132 $251
GoldPrice(US$/oz) $1,379/oz $1,150/oz $1,150/oz $1,350/oz $1,000/oz $1,250/oz $1,250/oz $1,250/oz
NPV5%(azer-tax)(US$M) $207 $338 $355 $409 $257 $396 $199 $243
IRR(azer-tax) 31% 22% 37% 25% n/a 29.5% 46% 27%
TotalCashCosts(US$/oz) $426/oz $509/oz $481/oz $864/oz $628/oz $638/oz $630/oz $589/oz
StripRa$o 1.00 2.40 5.70 1.76 0.90 0.95 2.43 0.27
CrushSize(inches) 0.98 0.75 2.00 0.75 0.74 0.26 2.00 1.96
GoldRecoveryRate(%) 80% 87% 86% 79% 70% 71% 87% 80%
ComparableOxideGoldHeapLeachProjects
13!
1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.20%taxrateusedasacompara]ve.2SharepricesasofDecember30,2016;financialsasofQ2orQ3,2016orinclusiveofrecentclosedfinancings.*TrueGoldMiningInc.mergerwithEndeavourMiningcompleted.TrueGoldsharesdelistedasofApril27,2016.DataasofApril27,2016.**KaminakGoldCorp.mergerwithGoldCorpcompleted.KaminakGoldsharesdelistedasofJuly21,2016.DataasofJuly21,2016.
![Page 14: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/14.jpg)
FinalOxideMetallurgicalTestwork
14!
• Recently completed metallurgical test work suggests previously es$mated heap leachrecoveriesofapproximately80%,usedinthe2014PEA1,areconserva$ve.
• Confidencelevelsapproachingfinalfeasibilityrequirements.
• Most important,high recoveries in thefirst six yearsof themineplanalso correspondswiththehighestgradesinthemineplan.
• Metallurgicalprojec$onses$mateheapleachcyanideconsump$onsaveragingabout0.4kg/tonne.
• Poten$al:Higherprojectvalue,fasterpayback,greaterconfidence.
1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.Foraddi]onalinforma]onrefertoExeternewsreleaseNovember12,2014.
FeedSize HeadGrade ExtracLon Reagents
Composite P80mm g/tAu g/tAg %Au %Ag kg/tNaCN kg/tLime
MineralizedGravel -38 0.74 7.6 78.4 32.9 1.27 2.6
Years1&2(1test) -50 0.66 1.1 93.9 90.9 1.25 4.8
Years3&4 -50 0.81 1.4 87.7 62.5 1.29 4.8
Years5&6 -50 0.33 0.9 84.6 50.0 1.06 6.0
Years7&8 -50 0.37 0.8 78.4 38.1 0.97 4.7
Years9&10 -50 0.63 0.4 79.2 50.0 0.82 3.2
Othermaterial -50 0.47 2.1 83.0 57.1 0.89 5.0
![Page 15: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/15.jpg)
OpLon1: OpLon2: OpLon3:
Item Unit 30,000tpdstandaloneoxide
Combined:60,000tpdoxide;27,000tpdSulphide(openpit)commencinginyear6
Combined:60,000tpdoxide;27,000tpdSulphide(underground)
commencinginyear3Minelife years 10 18 42AnnualaverageAuEq*Prod. oz 122,000 289,000 344,000LOMProduc$onAuEq ozM 1.27 4.9 14.2Pre-taxNPV@5% US$M 355 967 1,636IRR % 34.7% 27.2% 20.0%PaybackPeriod years 3.4 6.1 7.7Aker-tax27%NPV@5% US$M 252 656 1,144IRR % 28.5% 21.1% 16.7%PaybackPeriod years 3.6 6.8 8.1CapexSummaryIniLalCapex US$M 251 371 387LOMSustainingCapex US$M 93 926 1,580TotalCapex US$M 343 1,297 1,967CapitalU$liza$onperAuEq*oz US$ 270 264 139OpexSummaryUnitTotalOpexProcessed US$/t 6.5 9.4 20.1CashCostCashCost-AuEq US$/oz 546 486 649TotalCashCost-AuEq* US$/oz 589 551 709
AllinSustainingCashcostAuEq* US$/oz 676 752 828
C1CashCost-CuEq* US$/lb n/a 1.31 1.77
Threeop$onsforthedevelopmentofCaspiche
15!
1.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1300/ozAu,US$20/ozAg,andUS$3.00/lbCu.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*Goldequivalent(AuEq)valueisbasedongold,silverandcopperrevenues(pricesandrecoveriesinvolved).AuEq[troyoz]=[Aug/t*RecAu*throughputtonnes]/31.1+[Agg/t*RecAg*throughputtonnes]/31.1*silverpricetroyoz/goldpricetroyoz+[[Cu%*RecCu*throughputtonnes]*2204]*copperpricelbs/goldpricetroyoz.RecoveriesareadjustedbasedonmetallurgicalcharacterisUcoftheresource.ForResourceesUmaUonsassumedpricesare$1250/ozAu,$15/ozAgand$2.75/lbforCu.CuEqformulaaccountsforAuandAgozconvertedtolbsCu.
![Page 16: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/16.jpg)
StagedDevelopment-CapitalAdvantage
16!1.Capitalrequirementsfundedfromcashflowwerecalculatedusinga20%taxrate,US$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.
![Page 17: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/17.jpg)
StagedDevelopment-CapitalAdvantage
17!1.Capitalrequirementsfundedfromcashflowwerecalculatedusinga20%taxrate,US$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.
![Page 18: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/18.jpg)
18!
“BefearfulwhenothersaregreedyBegreedywhenothersarefearful”WarrenBuffet
![Page 19: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/19.jpg)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000 01
/01/
1983
Jul 8
4
01/0
1/19
86
01/0
7/19
87
01/0
1/19
89
01/0
7/19
90
01/0
1/19
92
01/0
7/19
93
01/0
1/19
95
01/0
7/19
96
01/0
1/19
98
01/0
7/19
99
01/0
1/20
01
31/0
5/20
02
28/1
1/20
03
31/0
5/20
05
30/1
1/20
06
30/0
5/20
08
17/1
1/20
09
31/0
5/20
11
30/1
1/20
12
31/0
5/20
14
30/1
1/20
15
30/1
2/20
16
VSE Index CDNX Index TSX-V Index
01/07/1984
SmallCapMiningRalliesandCorrec$ons
19!TSX-VIndexValuestoDec30,2016.Source:CanaccordGenuityCorp.&ExeterResourceCorp.
VSE Index CDNX Index S&P/TSX Venture Exchange Index
-45%
-75%
-40%
-73%
-34%
-81%
- 79%
+ 65%
+ 21% + 91%
+ 23%
+ 88%
+ 84%
+257% +252%
+64%
![Page 20: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/20.jpg)
XRCSharePerformance
20!Source:BigCharts.
XRC1yr
XRC5yrs
![Page 21: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/21.jpg)
HUIGoldIndex
21!
GoldEquityPricesofftheboNombutremainathistoricallymodestlevels
Source:www.bigcharts.com.
![Page 22: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/22.jpg)
US$IndexTrend
22!Source:828cloud.worldpress.com
Trumppoliciesaimedtos]mulategrowthwillbedifficulttoachievewithastrongUS$
![Page 23: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/23.jpg)
ArizonaStarsharepriceperformance
23!Source:ExeterResourceCorpora]on
ArizonaStar(controlled51%ofCerroCasale)sharepricesufferedbadlypostdiscoveryphaseandwiththedownturnofthebullionpriceinthelate1990’sandearly2000’s.Star]ngin2002,withanewrisingtrendinbullionitssharepriceappreciatedfromC$0.50toitstakeovervalueofC$18.00pershare,or$773million.
250
350
450
550
600
TrendingGoldPriceUS$
![Page 24: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/24.jpg)
GoldEquivalentResourcestoMktCap
24!
1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*GoldEquivMoz(AuEq)Resourcetonnes*[Aug/t+{Cu%*Cupricelbs/AuPricetroyoz*0.06857glb/oz*10000}+Agg/t*Agpricetroyoz/Aupricetroyoz].Novagold*50%shareofDonlinandGalore.PricingasofNovember30,2016.
MassivelyUndervaluedGoldResources
![Page 25: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/25.jpg)
UndevelopedGoldandGold-CopperProjects
25!
1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.Goldequivalent(AuEq)AuEqg/t=Aug/t+(Cu%*Cupricelbs/AuPricetroyoz*0.06857glb/oz*10000)+Agg/t*Agpricetroyoz/Aupricetroyoz.IncludesP&PReservesandM&ImineralResources.Reflects%interestinprojectofoutlinedcompanies.*Caspichesulphideat0.30g/t,0.75g/tand1.0g/tAuEqcutoff.
Basedonmajority%interest
NovaGold50%
Barrick75%Gabriel80.7%
Goldcorp50%
Reservoir45%
EXETER100%Highestgrade lowestgrade
![Page 26: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/26.jpg)
LargeDepositsareRare
26!Source:USGlobalResearch.
+3millionouncediscoveriesarescarce
![Page 27: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/27.jpg)
LeveragetoGold
27!
1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.PricingasofNovember30,2016.
![Page 28: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/28.jpg)
• ATrackRecordofSuccess -Threesignificantmineraldiscoveriesinthelastdecade -SpunoutExtorretoshareholdersona1-to-1basis(2010) - wastakenoverbyforC$414MorC$4.26/share(2012)
• Control100%ofCaspiche -M&IMineralResources1:Oxides1.7MozAuEq,Sulphides37.9MozAuEq -Unique:goldoxide,highergradegold/coppercore,largescalegold/copper -StableMiningJurisdic$on-Chile
• Direc$ngRe-valua$on -LowCapexstartupop$ons2,strongeconomics -Caspichesufficientlyadvancedtofasttrackdevelopmentdecisions -Fundamentallyandcompara$velyundervalued -Favorable$mingforselectgoldequi$es
• CashofC$17million.NoDebt.
WhyInvestinExeter?
28!
Thefounda$onforsuccess:TrackRecord,UniqueAsset,Cash.
1SeemineralResourcesslidefordetails:OxideM&[email protected]/tAu,1.58g/tAg;SulphideM&I1,[email protected]/tAu,0.20%Cu,1.17g/tAg.2SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.
![Page 29: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/29.jpg)
Appendix
![Page 30: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/30.jpg)
30,000tpdstandaloneheapleachgoldopera$on
• 122,000ozAuEq*peryear• 10yearminelife
• Pre-taxNPV5%ofUS$355million,IRRof34.7%.
• TotalcashcostsUS$589perozAuEq*
• Ini$alCAPEXUS$210million(plusUS$41millioncon$ngency)
• Peakwaterrequirementis44litrespersecond.
Op$on11:30,000tpdHeapLeachGoldOpera$on
30!
ValueGeneralParameters
PlantfeedEst(Tonnes&Grade)(oxide)1 M&I:[email protected]/tAu&1.62g/tAg
ContainedAuEq 1.6millionounces
Throughput 30,000tpd
MineLife 10yearsStripRa$o(Waste:Ore) 0.27:1GoldRecoveries 80%SilverRecoveries 40%
ProducLonAvg.AnnualAuEqProduc$on 122,000ozAnnualAuEqProduc$on(year1-5)(ounces) 148,000ozLOMAuEqProduc$on 1.27millionoz
CapitalCostsIni$alCapital(incl.Con$ngencyofUS$41M) US$251millionSustainingCapital US$93million
CashCostsTotalCashCosts US$589/ozAllinSustainingCashCost US$676/oz
GoldPriceAssumpLon US$1300/ozValuaLon(aker-tax27%)
NPV(5%) US$252millionIRR 28.5%PaybackPeriod 3.6years
ValuaLon(before-tax)NPV(5%) US$355millionIRR 34.7%PaybackPeriod 3.4years
Nearsurface,lowcapex,lowstrip,withfavorableleachkine]cs
*RefertotheMineralResourcesslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAuandUS$20/ozAg.
TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.
![Page 31: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/31.jpg)
Sensi$vity-Op$on1
31!
GoldVariability
Sensitivity 30k t/d Heap Leach Open Pit
Item Unit Value Item Unit Value
Pre-tax US$1,100/oz Au After-tax (27% Tax Rate) US$1,100/oz Au
NPV @ 5% US$ M 177 NPV @ 5% US$ M 120 IRR % 21.1% IRR % 17.2%
Payback Period years 4.0 Payback Period years 4.0
Pre-tax US$1,300/oz Au After-tax (27% Tax Rate) US$1,300/oz Au
NPV @ 5% Discount rate US$ M 355 NPV @ 5% US$ M 252 IRR % 34.7% IRR % 28.5%
Payback Period years 3.4 Payback Period years 3.6
Pre-tax US$1,500/oz Au After-tax (27% Tax Rate) US$1,500/oz Au
NPV @ 5% US$ M 533 NPV @ 5% US$ M 381 IRR % 47.3% IRR % 38.6%
Payback Period years 2.9 Payback Period years 3.1
30,000tpdstandaloneheapleachopera]on
1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.
Basedon2013/14costs• higherinputcosts–fuel,consumables,power,etc• unfavorableChileanPesoexchange• op]mizedMetworknotincluded
![Page 32: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/32.jpg)
Capex,Opex–Op$on1,2014PEA
32!
OP Opex Unit Value Crushing US$/t 0.26 Leaching US$/t 2.35
ADR US$/t 0.17 Reagents Plant US$/t 0.03
G&A US$/t 0.42 Power Supply US$/t 0.02 Water Supply US$/t 0.12
Total US$/t 3.36
OP Mine Opex Unit Unit Cost Loading US$/t 0.44 Hauling US$/t 0.64 Drilling US$/t 0.15 Blasting US$/t 0.32 Ancillary US$/t 0.21 Support US$/t 0.10
Eng. & Adm US$/t 0.19 Pit Dewatering US$/t 0.00
Labour US$/t 0.68 Leasing US$/t 0.40
Total US$/t 3.13
Open Pit Mining - Costs per tonne of material processed
Area Initial Sustaining Total US$ M US$ M US$ M
Mine Direct & Indirect Costs 36 6 42
Pre-stripping 13 0 13 Dispatch 1 0 2
Other Investments 9 4 12 Leasing 13 2 15
Oxide Plant Direct Costs 120 58 178
Crushing 16 0 16 Leaching 29 58 87
ADR 12 0 12 Reagents 1 0 1
Infrastructure 16 0 16 Power supply 3 0 3 Water supply 43 0 43
Plant Indirect Cost 54 11 65
Contingency 41 18 59
Mine 6 1 7 Plant 35 17 52
Total Cost 251 93 344
Some rows and columns may not sum due to rounding
30,000tpdstandaloneheapleachopera]on
1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.
Costs per tonne of material processed
![Page 33: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/33.jpg)
60,000tpdopenpitheapleachgold27,000tpdopenpitAuCu(year6)• Average289,000ozAuEq*or125
MCuEqlbperyear• 18yearminelife• LOMProduc$on4.9MozEq*• TotalcashcostofUS$551peroz
AuEq*
• Ini$alCAPEXUS$375million• Sustainingandclosurecostsare
es$matedatUS$924million• Pre-taxNPV5%ofUS$967million
andanIRRof27.2%
• Peakwaterrequirementis185litrespersecond.
Op$on21:HeapLeachGoldtoOpenPitGoldCopperOpera$on
33!
ValueGeneralParameters
PlantfeedEst(Tonnes&Grade)(oxide)1 M&I:[email protected]/tAu&1.54g/tAgPlantfeedEst(Tonnes&Grade)(Sulphide)1 M&I:[email protected]/tAu&0.27%CuLOMOpera$ngCost US$/t14.4“ore”Throughput 60,000tpd(oxide);27,000tpd(sulphide)MineLife 18yearsStripRa$o(Waste:Ore) 1:1GoldRecoveries 80%(oxide);75%(sulphide)CopperRecoveries 89%(sulphide)
ProducLonAvg.AnnualAuEqProduc$on 289,000ozAvg.AnnualCuEqProduc$on 125millionlbsLOMAuEqProduc$on 4.9millionoz
CapitalCostsIni$alCapital(Incl.Con$ngency) US$371millionAddi$onalCAPEX(incl.sustainingandclosure) US$926million
CashCostsTotalCashCosts US$551/ozAllinSustainingCashCost US$752/ozC1CashCost US$1.31/lb
GoldPriceAssumpLon US$1300/ozValuaLon(aker-tax27%)
NPV(5%) US$656millionIRR 21.1%PaybackPeriod 6.8years
ValuaLon(before-tax)NPV(5%) US$967millionIRR 27.2%PaybackPeriod 6.1years
Acceleratedheapleach;extendedAuCusulphideopenpit
*RefertoCompleteMineralResourcesslideintheAppendixfordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.
TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.
![Page 34: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/34.jpg)
60,000tpdopenpitheapleachgold27,000tpdundergroundgoldcopper(year3)
• Average344,000ozAuEq*or147MlbCuEqperyear
• 42yearminelife
• TotalcashcostsUS$709perozAuEq*
• Ini$alCAPEXUS$387million
• SustainingcapitalUS$1.58billion
• Pre-taxNPV5%ofUS$1.64billion,IRRof20.0%
• Peakwaterrequirementis151litrespersecond
• Lowerimpactenvironmentally.
Op$on31:HeapLeachGoldtoUndergroundHGGoldCopper
34!
ValueGeneralParameters
PlantfeedEst(Tonnes&Grade)(oxide)1 M&I:[email protected]/tAu&1.62g/tAgPlantfeedEst(Tonnes&Grade)(Sulphide)1 M&I:[email protected]/tAu&0.35%CuLOMOpera$ngCost US$/t30.1“ore”Throughput 60,000tpd(oxide);27,000tpd(sulphide)MineLife 42yearsStripRa$o(Waste:Ore) 0.27(oxide);n/a(sulphide)GoldRecoveries 80%(oxide);77%(sulphide)CopperRecoveries 90%(sulphide)
ProducLonAvg.AnnualAuEqProduc$on 344,000ozAvg.AnnualCuEqProduc$on 147millionlbsLOMAuEqProduc$on 14.2millionoz
CapitalCostsIni$alCapital(incl.Con$ngency) US$387millionAddi$onalCAPEX(incl.sustainingandclosure) US$1.58billion
CashCostsTotalCashCosts US$709/ozAllinSustainingCashCost US$828/ozC1CashCost US$1.77/lb
GoldPriceAssumpLon US$1300/ozValuaLon(aker-tax27%)
NPV(5%) US$1.144billionIRR 16.7%PaybackPeriod 8.1years
ValuaLon(before-tax)NPV(5%) US$1.636billionIRR 20.0%PaybackPeriod 7.7years
Acceleratedheapleach;transi]oningtoundergroundgoldcoppersulphideopera]on
*SeeMineralResourceslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.
TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.
![Page 35: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/35.jpg)
Sensi$vity–M&IMineralResources
35!
Gold–Coppersulphidemineraliza]on-highergradezone
1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.
AuEq Cut-off Mt Au (g/t) Ag (g/t) Cu (%) AuEq6 (g/t) Au Moz Cu Mlbs AuEq Moz
0.60 1,063.2 0.60 1.26 0.26 1.09 20.5 6094.3 37.3
0.65 974.8 0.62 1.29 0.27 1.13 19.4 5802.5 35.4
0.70 891.4 0.65 1.32 0.28 1.18 18.6 5502.2 33.8
0.75 813.7 0.67 1.35 0.29 1.22 17.5 5,202.4 31.9
0.80 742.2 0.70 1.37 0.29 1.26 16.7 4745.3 30.1
0.85 675.6 0.72 1.39 0.30 1.31 15.6 4468.3 28.5
0.90 612.7 0.75 1.41 0.31 1.35 14.8 4187.4 26.6
0.95 558.7 0.77 1.43 0.32 1.39 13.8 3941.8 25.0
1.00 510.1 0.80 1.45 0.33 1.43 13.1 3710.8 23.5
1.05 462.2 0.82 1.48 0.34 1.47 12.2 3464.7 21.8
1.10 415.4 0.85 1.50 0.35 1.52 11.4 3205.6 20.3
1.15 375.1 0.87 1.51 0.36 1.56 10.5 2977.1 18.8
1.20 342.2 0.89 1.53 0.37 1.60 9.8 2791.7 17.6
1.25 311.4 0.92 1.56 0.38 1.63 9.2 2608.3 16.3
1.30 281.9 0.94 1.59 0.38 1.67 8.5 2361.3 15.1
1.35 253.8 0.96 1.63 0.39 1.71 7.8 2182.0 14.0
1.40 226.7 0.99 1.66 0.40 1.75 7.2 1998.9 12.8
1.45 198.7 1.02 1.69 0.40 1.79 6.5 1752.3 11.4
1.50 177.1 1.05 1.71 0.41 1.83 6.0 1600.3 10.4
![Page 36: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/36.jpg)
WendellZerb,P.Geol,President&CEO(30yearsexperience)Mr.Zerbhasextensiveexperienceinthemining/mineralresourcesector.Histechnicalexperienceincludesseniorposi$onsingenera$vemineralexplora$on,development,andopenpitandundergroundminingofbaseandpreciousmetals.Inthecapitalmarkets,Mr.ZerbhaspreviouslyservedasDirector,ResearchAnalyst,MetalsandMining(CanaccordGenuityInc.),VicePresidentofResearchandIns$tu$onalSales,andPresidentandCEOofawhollyownedUSsubsidiary(PIFinancial).
CecilBond,CA,ChiefFinancialOfficer(31yearsexperience)Mr.Bondhasservedvariousposi$onsinanumberofpublicexplora$oncompanieswithac$vi$esinCanada,SouthAmerica,Africa,EuropeandAustralia.Throughouthiscareer,Mr.Bondhasmanaged$700millionintransac$ons,includingthesaleofExtorreGoldMinesLtd.toYamanaGoldin2012azersuccessfullyspinningitoutofExeterin2010.
JerryPerkins,VPDevelopmentandOpera$ons(41yearsexperience)Mr.Perkinsisachemicalengineerwithover40years’experienceintheminingandmetallurgysectorintechnical,opera$onalandcorporatemanagementposi$onsinNSW,Queensland,Tasmania,Australia,Africa,theUK,andPapuaNewGuinea.Mr.Perkinsspecializesinmineralprojectdevelopmentprogramsandfeasibilitystudies,mineproduc$onandcommissioning,testwork/R&Dprograms,engineeringandprocessdesign,opera$onsmanagement,andprojectdevelopmentandop$miza$on.
RobGrey,VPCorporateCommunica$ons(18yearsexperience)Mr.GreyisaBusinessgraduatewith10yearsexperienceinequitysalesand18yearsexperienceinInvestorRela$onsinthejuniorminingsector.Mr.Greyworksdirectlywithseniormanagementandinvestors,attheins$tu$onalandretaillevels.
MaNhewWilliams,BAScinAppliedGeology,Explora$onManager-South&NorthAmerica(25yearsexperience)Mr.Williamshasmorethan25yearsofexperienceinmineralexplora$on,specializingingeologicalappraisalofbaseandgoldmetalminingprojectsinAustralia,theDominicanRepublic,W.A.,Australia,Mexico,Nevada,USA,Panama,Argen$na,andChile.Mr.WilliamsservedasExplora$onManageroftheDonSixtoProject,CerroMoro,andearlyac$vi$esatCaspiche.
GonzaloDamond,CommercialManager(22yearsexperience)Mr.DamondisanIndustrial/Electrical/CivilEngineerwithopera$onalandmanagerialexperiencewithinsignificantmul$na$onalcompanies,includingraillogis$csbetweenArgen$naandBrazil,andintermodalopera$onsforChileanports.Hehasmanagedthedesign,organiza$onandcommissioningoflargedistribu$oncenters,andhassubstan$alexperienceinpurchasemanagement,includingthenego$a$onofsupplycontracts.Throughtheseexperiences,Mr.Damondhasbuiltconstruc$verela$onshipswithcommuni$es,clients,tradeunionsandGovernmentauthori$es.
MaNhewDorman,CaspicheStudyManager(30yearsexperience)Mr.Dormanisaprojectmanagerwith30yearsofinterna$onalexperienceintheminingsector,specializingintechnicalduediligencestudies.Mr.Dormanhasalsomanagedthedesignandconstruc$onofgoldminesinUzbekistan,Tajikistan,SaudiArabia,UruguayandHonduras,andofcopperprojectsinChile,Peru,andKazakhstan.
Management
36!
Drivingfuturesuccesswithexperience
![Page 37: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/37.jpg)
BryceRoxburgh,AusIMMCo-Chairman(42yearsexperience)Managedtheexplora$onteamsthatdiscoveredtheSelwyn,RedDomeandJunc$onReefore-bodiesinAustralia,theDinkidiore-bodyinthePhilippines,andtheDonSixtodepositinArgen$na.HeestablishedExeterin2003andsubsequentlydiscoveredCaspicheinChileandCerroMoro(ExtorreGoldMinesLtd.)inArgen$na.
YaleSimpson,Co-Chairman(42yearsexperience)Anexperienced,seniorgeologist,explora$onmanagerandCEOofcompaniesinvolvedinpreciousmetalsprojectsinAustralia,Africa,EasternEuropeandSouthAmericawithpar$cularexper$seinstrategicresourceplanning,financingandcorporatecommunica$ons.
RobertG.Reynolds,(33yearsexperience)Servedinvariousposi$onsresponsibleforcorporateplanning,financeandadministra$on.Mr.Reynoldspar$cipatedinthedevelopmentoftheGrannySmithandKanownaBelleminesinAustralia,andtheHartleyPla$numMineinZimbabwe.Mr.ReynoldsalsoservedasChairmanofAvocaResourcesLtd.un$litsmergerwithAnatoliaMineralsDevelopmentLtd.in2011.
JulianBavin,BSc,MSc(33yearsexperience)Gainedtechnical,opera$onandcommercialexperienceinmineralexplora$oninSouthAmerica,Australia,Indonesia,andEuropethroughhisexperiencewiththeRioTintoGroup.From2001to2009,Mr.Baviniden$fiedthepoten$alinarangeofprojectsincludingthePRCpotashandAltarcopper/goldprojectsinArgen$na,theMinaJusta,ConstanciaandLaGranjacopperprojectsinPeru,andtheAmargosabauxiteprojectinBrazil.
JohnSimmons,CA(43yearsexperience)Con$nuestomanageanaccoun$ngprac$ceinAustralia,whereMr.Simmonshasextensiveexperienceadvisingontaxa$on,strategicplanning,financialmanagementandgeneralbusiness.Hemaintainsanac$veinvolvementintheminingindustrythoughassocia$onwithanopera$ngminingcompany.
BoardofDirectors
37!
Astrongfounda]on
![Page 38: Exeter Presentation January 2017](https://reader035.fdocuments.us/reader035/viewer/2022062523/5873a8bd1a28aba3548b5763/html5/thumbnails/38.jpg)
“Developmentop]onsatCaspiche,whethermodestorlargerscale,deliverstrongeconomicreturnsatcurrentmetalprices.Ourabilityintoday’smarkettofocusonadvancingthe1.7millionouncegoldoxideopenpitissensibleandachievable.Importantlyforshareholders,
withfutureelevatedgoldandcoppermarkets,webelievethevalueoftheverylargeCaspichegold-copperinventorywillbeastrongvaluedriverforExeter.Caspicheisunique,represen]ngoneofonlyafewscalabledevelopmentprojectsthatisnotyetcontrolledbya
majorcompany.”Co-ChairmanofExeter,YaleSimpson.